Tax Day 2015–The Big Corporations That Don’t Pay Any Taxes

Written on:April 14, 2015
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Lobbying has its benefits and this table is worth 1,000 words.  Read it and weep for the nation.

The chart below speaks for itself:  these are  the same corporations that are now pushing through another free-trade deal that is entirely secret to the American people.

As  Senator Elizabeth Warren (D-Mass.) said in a recent MSNBC interview, Senators have been allowed  to read the Trans Pacific Partnership  trade deal, but they are forbidden to talk about it.

Elizabeth Warren; Can she re-start the financial reform battle?

Elizabeth Warren; Can she re-start the financial reform battle?

They cannot share it with their constituents or the American people, even though this is a deal which will affect all consumers and worker for another decade.

Why the secrecy?

Great question.  Basically, it’s because if people knew how bad the trade deal was for U.S. workers, their wages and their long-term economic growth potential, they would rally against the deal.  This was the same story for NAFTA and other deals that were all pushed by the Presidents who were in office at the time, from Bush to Clinton. It’s also a reason why unions oppose and every major U.S. corporation who has a horse in the trade deal race has put its lobbyists on overtime to push this through.

That’s why it’s especially good timing that during the week of April 15, this chart of the largest corporations who do not pay their fair share of federal taxes was published.  People with more resources than I have can categorize these companies by industry and see which ones are pushing for the latest trade deal.

Since the names of the corporations who stand to benefit most from this deal is top secret, my bet is that GE is one of them. Interestingly, during the week of April 15, 2015, GE announced that it was spinning off it financial division.

The Pinnicle of Corporate America: Companies that don't pay taxes, but insist they are patriots

The Pinnicle of Corporate America: Companies that don’t pay taxes, but insist they are patriots

This had long been a profitable operation and essentially put GE into the financing business.  Yet while the financial press was all excited about this spin-off, it obviously  and conveniently neglected to note that GE pays almost no taxes as this chart shows.

Instead, the financial press fell all over itself quoting “Neutron Jack Welch,” who laid off thousands of workers, as saying this spin off would be great for GE.  The wimpy reporters conducting these interviews and reporting on the GE divestiture, never mentioned that GE pays little taxes, yet considers itself an all-American company.

The rat race continues for the majority of Americans

The rat race continues for the majority of Americans

 

 

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Written on:April 10, 2015
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What Would Adam Smith Say About Rand Paul’s Presidential Bid?

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Written on:March 27, 2015
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Written on:March 13, 2015
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Written on:March 4, 2015
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Written on:March 4, 2015
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Written on:February 19, 2015
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Written on:February 11, 2015
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Written on:February 3, 2015
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